For the first time, the director of the investment center exercised its authority and approved pioneer enterprise status for Teva Pharmaceutical Industries for the production of the drug Agilact for the treatment of Parkinson's disease. The meaning of the decision is the enjoyment of five years of tax exemption, and this is in addition to the 10 years to which it is entitled under the alternative route (a total of 15 years)
The Administration of the Investment Center has approved pioneer plant status for Teva Pharmaceutical Industries for the production of the drug Agilact for the treatment of Parkinson's disease. It should be noted that the company has an approved plan to establish a plant for the production of a unique drug against Parkinson's disease with an investment of 5.1 million dollars in the alternative route and in Ramat Hovav. The program is intended for the establishment of the production facilities for the active ingredient for a unique, ethical medicine for Parkinson's disease.
The new drug is the result of development by R&D personnel and researchers from the Technion in Haifa and Teva's development team. The development took about 16 years and more than 100 million dollars were invested in it. The director of the investment center and the chairman of the board, CPA Hazi Tsaig, notes that: "In light of the importance and uniqueness of the development of the above-mentioned ethical drug, the large financial investment in the development of the product and its expected sales to foreign markets, it is justified to recognize the plan to establish a pioneer plant that will entitle the plant to additional tax benefits to encourage additional investments and development."
Parkinson's disease is a chronic progressive disease that progresses from a stage of mild motor disease to a severe impairment of motor function. In addition, the disease is widespread mainly in industrialized societies such as the USA and Northern Europe and its prevalence is constantly increasing as a result of the increase in the average age of the adult population.
The plant has passed all the trial stages and preliminary approvals of the FDA and of the health authorities in Europe (and in fact, in the whole world). The factory is used to produce the active chemical in the drug and is delivered in the form of raw material to the pharmaceutical factory in Kfar Saba which produces the tablets for the factory in Ramat Hovav.
Teva received final approval for the marketing and distribution of the product in Israel. Approval was also received from the European Health Authority and last year the product was launched in Europe.
Sales forecast for the product is about 80 million dollars per year.
